The invention relates to a process for extracting and purifying glycyrrhizic acid in licorice. The process comprises the following steps: D1, preparing licorice powder; D2, executing decolorization and removing impurities, executing reflux extraction in a water bath by using 80%-100% of ethanol for 2 to 4 times; D3, preparing a licorice extracting solution, wherein licorice residues obtained in step D2 are added into an extraction solvent, and the licorice extracting solution is obtained through extraction; D4, extracting glycyrrhizic acid; D5, purifying glycyrrhizic acid, recrystallizing a crude glycyrrhizic acid product with glacial acetic acid, and executing filtering to obtain the glycyrrhizic acid. The method includes the simple process steps, small molecular impurities such as monosaccharides, glycosides, polyphenols, fat and pigments are firstly removed by using the high-concentration ethanol, then components in licorice are extracted, solid substances are separated out throughstirring in the acid precipitation process, secondary dissolution is carried out by using methanol, salt is removed, and the high-purity glycyrrhizic acid is obtained.